5 Big-Ticket Billionaire Sales

The rich get richer as the market gets bullish. But when the market slumps, even the wealthy have to pay a price. Since the recent recession hit the world, several billionaires have decided to give up their lavish mansions or yachts. Not too long ago, Russian billionaire Sergei Polonsky sold his hotel Sungate Port Royal, yachts and the house on the Côte d'Azur to put all the proceeds into further construction of his projects. With the market's ups and downs, the economic downturn is still hurting some of the rich and famous. (For related reading, also take a look at 6 Outrageous Billionaire Purchases.)

David Siegel's $75 Million MansionIn an effort to save money, chief executive officer of Orlando-based Westgate Resorts, David Siegel announced the sale of his unfurnished 90,000 square-feet mansion in July last year. The property in Windermere, Fla. has been listed for $75 million.

Buyers have an option of buying the mansion completed for an additional $25 million. Some of the highlights of this mansion are 23 full bathrooms, a 6,000-square-foot master suite, a banquet kitchen plus 10 satellite kitchens, a 20-car garage, three pools, a two-story wine cellar and a grand hall with a 30-foot stained glass dome, according to The Wall Street Journal. Siegel currently lives in a 26,000-square-foot home in the nearby Isleworth community.

Paul Allen's 303-Foot YachtMicrosoft co-founder Paul Allen advertised the sale of 303-foot yacht, The Tatoosh, through Fraser Yachts last fall. The yacht is designed with nine guest rooms and two staff cabins. In addition to a swimming pool and cinema, the yacht features two helicopter launch pads. It can accommodate 24 guests and 35 crew members.

Allen, who was diagnosed with non-Hodgkin's lymphoma last fall, was ranked by Forbes as being the 37th richest person in the world with a fortune of $13.5 billion. He has been lagging behind in the list since his failed investments in companies such as Charter Communications.

Patricia Kluge's EstateThe beneficiaries of billionaire husbands are not left behind by the harsh economy. Patricia Kluge, the divorcee of late American entrepreneur John Kluge, has found herself amid a $25 million foreclosed property in Monticello, Charlottesville, VA., as she defaulted on three loan payments. This home was part of her divorce settlement in 1990; in addition to the $1.6 million she received every week. Bank of America bought the property for $15.3 million.

Kluge is not new to auctioning personal properties. Last summer her jewelry and furniture from the Virginia estate were auctioned by Sotheby's collecting more than $15 million. Additionally, she also lost her winery at an auction in December 2010 for $19 million, after efforts to take the business to national and international markets failed.